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Please identify the relevant accounting concept or principle for each independent case below. Peace Ltd is currently in its fifth year of operation, and the

Please identify the relevant accounting concept or principle for each independent case below.

  1. Peace Ltd is currently in its fifth year of operation, and the company issues its financial statements every year.
  2. The CEO, Mr Joy, proposes to the accountant of Joyful Enterprise to value the building at its net realizable value. The building has a higher amount of net realizable amount compared to its historical cost.

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